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EURUSD – Euro/dollar uptrend intact, look to buy on weakness
The EURUSD popped higher last week following a pull back in price earlier in the week. This is in-line with our discussion in the weekly outlook last week of looking to buy this pair on weakness. Support remains at 1.1290 and key support down at 1.1118 area; we can watch for any weakness near these support levels to be buyers. Price overall looks to be swinging up towards the long-term key resistance at 1.1500 to 1.1600 area.
AUDUSD – Aussie/dollar moves lower, sitting at key level
Last week, we mentioned that major resistance was approaching on AUDUSD at 0.7770 area. Price moved lower last week, ending near 0.7600, a level we had discussed recently as being important in the short-term. We see the potential now for price to fall further continuing last week’s bearish move, and we can watch for price action sell signals on any retraces to the upside whilst under last week’s swing high at 0.7713 area. Stay tuned to our members daily trade setups commentary for further updates on the AUDUSD.
Oil – Crude Oil sells-off from key resistance level
Oil sold off from 47.20 almost exactly last week; a level we had discussed as a major selling opportunity in our trade setups commentary last week. Those traders not already short can watch for price action sell signals on any upside retracement whilst price remains contained under 46.20 – 47.20 to be sellers again in-line with downtrend.
GOLD – Gold approaching key support zone after large move lower
We remain neutral on Gold as we discussed last week. Price continued to fall last week and is now resting at 1180.00 – 1200.00 key support area. There is strong resistance at 1240.00 within this short-term downtrend. Traders can watch for sell signals on a retrace higher whilst under that resistance. Alternatively, as we are approaching major support levels we can wait for price to hit those key support levels near 1180.00 – 1200.00 and look to be a buyer on a signal.
SPI200 – Australian Stock Index remains range-bound, contained under key resistance
We have discussed selling the SPI200 whilst under 5800.00 key resistance in recent weeks, and as we can see below, this strategy has paid off for traders who sold near that level. We reiterate the same analysis as last week; price remains overwhelmingly pressured under 5800.00 and so traders can continue to look to sell short the SPI on any price strength whilst price is contained under that level. Until a strong close above 5800.00 occurs, we expect more downside back into 5600.00 levels.
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